Exhibit 66 (Dkt. 568-66, S.D. Fla.)
Summary
Exhibit 66 (Document 568-66) in Case 1:21-md-02989-CMA, entered on the FLSD docket June 8, 2023, is a four-page re-filing, with the stamps of Exhibit 26 to Document 559-28 visible, of the January 29, 2021 All-Hands Agenda titled The One About (Historic) Scaling (RHMDL00044035). The agenda lists a welcome hosted by Baiju and Vlad, Jason on funding and health of the firm, Operation Put Me in Coach, and Gretchen and Abhishek on the PCO decision from yesterday, followed by questions from Slido. Those questions ask about transparency to customers, how the recent events affect the timeline to go public, and whether margin buys could have been restricted rather than moving the securities to PCO.
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- Date
- 2023-06-08
Cite this document
“Exhibit 66 (Dkt. 568-66).”
Original at archive.org, dated 2023-06-08. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-06-08-covid-era-misc-364f4e99-1/
, SHA-256 364f4e99a17c11751507510f55fdc20c537efe00120b49521d6eda631e66099c.Full text
Case 1:21-md-02989-CMA Document 568-66 Entered on FLSD Docket 06/08/2023 Page 1 of 4
Exhibit 66
Case 1:21-md-02989-CMA Document 559-28
568-66 Entered on FLSD Docket 04/28/2023
06/08/2023 Page 1
2 of 3
4
EXHIBIT 26
Case 1:21-md-02989-CMA Document 559-28
568-66 Entered on FLSD Docket 04/28/2023
06/08/2023 Page 2
3 of 3
4
January 29, 2021 All-Hands Agenda
"The One About (Historic) Scaling" (30min only)
1 -Welcome Segment (XXmin end 1 Q:XXAM)
HOST: Baiju & Vlad
STANDBY: Names
1. Baiju & Vlad - Welcome & Mission (XXmin)
a. OKRs are Quality, Readiness, Growth, Org Health
2. Baiju & Vlad - last 48 hours
a. What you've seen at RH: resilience, strength, care, great results,
b. Emphasize growth - can they share a couple numbers?
i. 100s of 1000s of new accounts
ii. More people are coming in than wanting to leave
c. Emphasize strength - people, engineering systems, etc
3. Jason - funding & health of the firm
4. [Transition - Baiju: now we're going to turn it over to Nafeesa and LJ to learn about Operation
"Put Me in Coach"]
CAM ERA OFF: Jason, Vlad
2 - "Put me in, coach, I'm ready!"
HOST: Baiju
1. - Operation PMIC
2. [Transition: Baiju - now please welcome Gretchen and Abhishek who can tell us more about the
PCO decision from yesterday]
CAM ERA OFF:
3 - PCO - what we decided and when
HOST: Baiju
1. Gretchen & - PCO decision
2. [Transition: Baiju - let's go to Q&A]
CAM ERA OFF: if he wants
4-Q&A
HOST: C-Team and friends
STANDBY: Names
1. Baiju - Let's go to Slido for Q&A; C-Team, friends, come on up
2.
CAM ERA OFF: Names
Questions from Slido (https://app.sli.do/event/gtntp9xp)
1 . (Jason) Can we be more transparent to customers about what happened yesterday? I
worry that our extreme lack of transparency has caused serious damage to Robin hood's
RHMDL00044035
Case 1:21-md-02989-CMA Document 559-28
568-66 Entered on FLSD Docket 04/28/2023
06/08/2023 Page 3
4 of 3
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reputation. I think if we broadcast a clear and extensive explanation of what happened,
we could get back a lot of the goodwill we lost.
2. (Christina)There's been a lot of out reach to traditional media to explain what
happened. But given how RH's customer base is more likely to consumer content
elsewhere (Reddit, twitch, etc.), what can we do to reach out and explain the situation to
them?
a._____Mu Iti ple audiences_matter(not just customers!) _·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·-·- -·-·-·-!
; ·-·-·-·- ·
3. i
Redacted for Privilege I
i
I
· - - · · · · · - - ·-·-·-·-·-·-·-·-1
4. i (Jason)we claimed to have no liquiditiproblem,. but then we suddenly raise , B in
emergency funds? We had to know how this would look. Why didn't we just say "yeah
we're hiring people so we don't have a lot cash, and we didn't want to get shut down by
the SEC, so we had to stop trading." Why not be upfront?
5. (Jason)How do the recent events affect our initial timeline to go public? Some
commentators have stated due to this event they can's see us going public at all in 2021
with questions now arising about our company's financial position.
6. (Name)How can we better consider the customer experience before taking actions on
stocks, like PCO? Our app lacked information for customers for much of Thursday
morning, including the inability to search for these high-visibility stocks and vague "This
stock is not supported" wording
7. (Name)What are our guiding principles for PR and internal comms? For transparency
and building empathy, can we share more about the decision making process of PR and
internal comms in this incident and how those guiding principles led us? Thanks!
8. (Name)Can we create an info-graphic of how the process of trading works in relation to
clearing and the DTCC collateral requirement during a "normal" trading week vs. what
happened this week. Something that is easily digestible & education to our
customers/general public. Have we considered this?
9. Did we have the new funding because of the PCO incident? Or something we've been
planning for a while?
10. As associates we will never know exactly why the decision was made. That being said,
given all of the backlash, if we were given another chance to approach the PCO/volatility
stocks situation differently; would we and how?
11. There's no arguing that our brand suffered today in the eyes of our customers. In
response and in an effort to rebuild the goodwill lost, can we commit to opening access
to our I PO to our customer base, before Institutional Investors? That would be the
pinnacle of serving our mission & very cool.
12. (Jim) Why are we only able to speak so vaguely and opaquely to the finance shows,
whereas a smaller competitor like WeBull is able to clearly explain and in detail how
regulatory and depository requirements lead directly to trading restrictions? Why can't
we do this?
13. Taking yesterday's explanation re: net capital obligations and clearinghouse deposits at
face value, could we not have restricted margin buys of the relevant securities (i.e. only
allowed buys with settled funds) rather than moving them to PCO? Was this considered,
and if so what were the downsides?
RHMDL00044036
File and source
- File
- gov.uscourts.flsd.590042.568.66.pdf
- Size
- 353,681 bytes
- SHA-256
- 364f4e99a17c11751507510f55fdc20c537efe00120b49521d6eda631e66099c
- Original
- archive.org